The issue posed by rising inflation and stagnant real wage growth has been in clear focus of late, with the proposed 1% pay rise for nurses offering a relevant case in point.
The impact of the coronavirus is also relevant from this perspective, with the UK living standard on course to grow by just 0.3% a year over this Parliament, with the worst performance in history aside from the 2015-2017 spike that followed the June 2016 referendum vote.
One way to combat this is to make money and generate income online, but what are the best ways to achieve this objective in the current climate?
Start a Blog or Become a Writer
While the gig economy may be facing a range of challenges in 2021, some roles continue to benefit from sustained demand. Take copywriting, for example, which skilled practitioners required to help brands market their proposition clearly and communicate successfully with customers.
This is also something that’s increasingly accessible remotely in the wake of Covid-19, with businesses turning to freelance copywriters who can work on the basis of dedicated, short-term projects.
But how do you establish yourself as a copywriter? Well, you’ll need to initially focus on a particular niche or area of expertise, while setting competitive price points that account for your relative lack of experience.
Also, you could start a blog to showcase your writing ability, while potentially monetising this through sponsored ads and paid guest posts.
Trade Forex Online
If you have limited time and are in the market for a passive stream of income, you may be better served by starting out as a forex trader.
This enables you to trade currency as a derivative asset, which allows you to profit from various price movements while opening highly leveraged positions that can deliver disproportionate gains over time.
You can even complete a MetaTrader 4 download to access a demo account and test out your strategies in a risk-free environment, without having to commit your hard-earned capital.
From here, you can gain practical experience of the market before deciding whether or not this option is right for you!
Become an Affiliate Marketer
On a final note, becoming an affiliate marketer also serves as a source of passive income for individuals, while it can be particularly lucrative when partnering with establishing corporations such as Amazon.
In simple terms, affiliates are able to advertise specific products and services through their own site, in exchange for percentage-based referral fees that are generated when customers complete a purchase.
As we’ve already touched on, Amazon Associates allows affiliates to advertise relevant products on their blog or website, and it’s common for participants to earn anywhere between $1,000 and $25,000 each month.
Of course, much depends on the nature of your site and its traffic, as this will determine how much you can generate through affiliate sales.